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Cargojet breaks even in first quarter compared with a profit a year ago


Mississauga, ON, — Cargojet Inc. broke even for its most recent quarter compared with a profit of $4.5 million a year ago as its revenue grew by 11.3 per cent.

The company, which provides time sensitive overnight air cargo services, says the result for the quarter compared with a profit of 33 cents per diluted share in the same quarter last year.

Revenue for the three months ended March 31 totalled $110.4 million, up from $99.2 million in the first three months of 2018.

The company also announced that its common and variable voting shares will trade on the Toronto Stock Exchange under a single ticker designated CJT starting on or about Wednesday.

Cargojet says it common and variable voting shares will also now be treated as a single class for the purposes of takeover bid requirements and early warning reporting requirements.

It says the changes are intended to make investment by non-Canadians easier and improve the liquidity for the variable voting shares.

“We are very pleased with Cargojet’s financial and operating results during the past Quarter” said Ajay Virmani,, Cargojet president and CEO in a statement. “We continue to benefit as the primary enabler of e-Commerce growth in Canada and to also grow our ad-hoc and ACMI charter business globally. Our entire Cargojet team continues to be strongly focused on prudent cost management; profitable revenue growth and to providing consistent and reliable service levels to our customers and adding value to our shareholders,” he concluded.

 


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